INTERNATIONAL HIGHLIGHTS
USD/MAD depreciates -0.44% to 10.95 this week. This is due to a double negative Basket/Market effect of -0.24% and -0.20% respectively.
Furthermore, liquidity conditions on the Moroccan foreign exchange market have deteriorated slightly over the last period. Indeed, the foreign exchange position of Moroccan banks fell back into negative territory at MAD-829 Mn against MAD +649 Mn a week earlier.
For their part, Dirham liquidity spreads fell -21 BPS to 3.86% this week. Nevertheless, the latter remains
at historic highs approaching the upper bound of the dirham fluctuation band set at +5.0%.
US inflation which came out above forecasts for September remains decisive for the hedging strategies of operators on the foreign exchange market.
This is a signal that the Fed would continue to tighten monetary policy until prices show clear signs of deceleration over an extended period.
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